Larson Financial Group LLC Raises Stock Position in Bank of America Co. (NYSE:BAC)

Larson Financial Group LLC boosted its position in shares of Bank of America Co. (NYSE:BAC) by 414.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,424 shares of the financial services provider’s stock after purchasing an additional 43,042 shares during the period. Larson Financial Group LLC’s holdings in Bank of America were worth $2,348,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Lederer & Associates Investment Counsel CA raised its stake in Bank of America by 1.1% during the fourth quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after purchasing an additional 217 shares during the period. Prossimo Advisors LLC raised its stake in shares of Bank of America by 2.5% in the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock valued at $390,000 after acquiring an additional 220 shares during the period. Marino Stram & Associates LLC raised its stake in shares of Bank of America by 1.7% in the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after acquiring an additional 222 shares during the period. Keudell Morrison Wealth Management raised its stake in shares of Bank of America by 2.8% in the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock valued at $364,000 after acquiring an additional 223 shares during the period. Finally, Traveka Wealth LLC raised its stake in shares of Bank of America by 2.7% in the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock valued at $382,000 after acquiring an additional 226 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Down 0.2 %

NYSE BAC opened at $41.39 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 52 week low of $34.15 and a 52 week high of $48.08. The stock has a market capitalization of $314.72 billion, a PE ratio of 12.85, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The firm has a 50 day moving average of $45.61 and a two-hundred day moving average of $43.72.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the prior year, the business posted $0.70 EPS. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. As a group, research analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.51%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Wall Street Analyst Weigh In

BAC has been the topic of a number of research analyst reports. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $45.00 to $50.00 in a research note on Friday. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Tuesday, January 7th. Wells Fargo & Company boosted their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Truist Financial lifted their price objective on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $48.64.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.